Chromium Oxide Market Overview
The Chromium Oxide Market is projected to register a healthy CAGR of 5.13% to reach USD 353,564.5 Thousand by the end of 2030.
Chromium oxide (Cr2O3) is an inorganic compound and one of the major oxides of chromium. It occurs naturally as a rare mineral, eskolaite. It finds application in coatings owing to its excellent resistance to wear, abrasion, corrosion, and chemicals. In addition, the chromium oxide pigments find a wide range of applications on account of excellent dispersibility and heat stability, weather fastness, hiding power, and batch-to-batch uniformity offered by the pigments.
The paints & coatings industry is one of the largest consumers of chromium oxide, wherein the chromium oxide pigments are used in a broad range of applications including industrial coatings, automotive coatings, exterior coatings, and product finishes. Furthermore, orthopedic implant is the other application where the demand for chromium oxide as a protective coating is growing significantly owing to the anti-reflectivity, high chemical resistance, excellent abrasion resistance, and superior wear resistance offered by the chromium oxide coatings.
Chromium oxide pigments play a major role in the major industries such as plastics, building & construction, and refractory. In the plastics industry, they are used for coloring plastics according to the requirements such as good dispersibility (easy to distribute so as to reach their final tinting strength quickly), high thermal stability, high levels of lightfastness (property showing how resistant to fading it is when exposed to light), and weather stability. These pigments are suitable for coloring most types of plastics, including polystyrene, acrylonitrile butadiene styrene (ABS), engineering polymers, polyvinyl chloride, and polyolefins. They are applied to packaging materials, plastic tubes used in the construction industry, automobile cockpits, pipes and connector elements, and plastics used in the electrical industry.
In the building & construction industry, oxide pigments are the ideal solution for coloring building materials, concrete, and other construction materials. They are resistant to lime and alkalis, insoluble in water and dilute acids, and highly resistant to weather owing to the chemical composition and structure. Chromium oxide is a green crystal powder with high covering strength, temperature resistant, and excellent sunlight fastness. They offer high tinting strength, color consistency, good dispersion, and weather stability.
The growth of these industries across the globe, especially in the Asia-Pacific and the Middle East & Africa, is likely to favor the market growth in the years to follow.
Global Chromium Oxide Market Revenue, by Application, 2017 (USD Thousand)
Sources: MRFR Analysis
Based on grade, the global chromium oxide market has been categorized into three segments: pigment grade, metallurgical grade, and refractory grade. Among these, the pigment grade chromium oxide was the largest grade segment, with the majority of the demand in the paints & coating industry. The segment was valued at USD 185 million in 2017 and is projected to register a CAGR of over 5% during the review period.
By application, the global chromium oxide market has been segmented into paints & coatings, glasses, ceramics, inks & dyes, bricks & concrete, metallurgy, and others. The metallurgy segment accounted for the largest market share in 2017 and is projected to be valued at over USD 104 million by the end of 2030.
The prominent players in the global chromium oxide market LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China), Chrome Star Chemical Works (India), and Hunter Chemical LLC (US), among others.
Global Chromium Oxide Market Share, by Region, 2017 (%)
Sources: MRFR Analysis
Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America are the key regional markets covered under the scope of the report. The market in Asia-Pacific held the largest share of over 45% in 2018, owing to the expanding building and construction industry in the region. China, India, and South-East Asia countries such as Indonesia, Malaysia, and Thailand are the major contributors to the growth of the regional market. Moreover, the robust growth of the metallurgical and paints coatings industry in these emerging economies is projected to boost the demand for the product in the region. Additionally, rapid urbanization and industrialization in the region are also likely to favor the growth of the regional market during the forecast period.
Europe is estimated to register substantial growth during the forecast period owing to the increasing demand in major end-use industries, such as building and construction and paints and coatings. Besides, technological advancements in the plastics and ceramics industries in the region are expected to significantly drive the regional market growth.
The Middle East & African market is projected to register a CAGR of 4.32% during the review period, which is primarily due to the rapidly growing construction industry in the region.
The key players operating in the global market have large and advanced manufacturing facilities at the domestic and international levels. This helps them to supply the products to various end users across the globe within less time as compared to the small-scale manufacturers, providing a competitive edge in the global market. Some of the business strategies followed by the players operating in the global chromium oxide market are new product launches, acquisitions, and agreements.
Global Chromium Oxide Market, by Grade
- Pigment Grade
- Metallurgical Grade
- Refractory Grade
Global Chromium Oxide Market, By Application
- Paints & Coatings
- Inks & Dyes
- Bricks & Concrete
Global Chromium Oxide Market, By Region
- The Netherlands
- Rest of Europe
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa
Available Additional Customizations
- Chromium oxide market PESTEL analysis
- Trade Analysis
- Competitive Benchmarking
- Chromium oxide manufacturers
- Suppliers and traders of chromium oxide
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting in chemical experts
| Market Size
|| 2030: USD 353,564.5 Thousand
|| 5.13% (2022-2030)
| Base Year
| Forecast Period
|| 2022 to 2030
| Historical Data
|| 2019 & 2020
| Forecast Units
|| Value (USD Million)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| By Grade, Application and Region
| Geographies Covered
|| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
|| LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China), Chrome Star Chemical Works (India), and Hunter Chemical LLC (US), among others.
| Key Market Opportunities
|| They offer high tinting strength, color consistency, good dispersion, and weather stability.
| Key Market Drivers
|| Orthopedic implant is the other application where the demand for chromium oxide as a protective coating is growing significantly
Frequently Asked Questions (FAQ) :
The chromium oxide market is projected to grow at a 5.13% CAGR between 2022-2030.
The chromium oxide market is predicted to touch USD 353,564.5 thousand by 2030.
The Asia Pacific is expected to dominate the chromium oxide market.
LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China)
Health hazards may restrict market growth.
Metallurgy segment will dominate the chromium oxide market.
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